Post Office trials new bank accounts

The Post Office today launched a trial venture, bringing current account banking to its branches for the first time since it sold Girobank 23 years ago.

The pilot will run in just 29 East Anglian branches before a planned roll-out across all 11,500 branches in 2014. In partnership with the Bank of Ireland, the Post Office has revealed three current accounts.

The Standard Account is free to those who stay in credit, offers a debit card and charges 14.9 per cent on overdrafts. The Packaged Account, at £8 a month, offers discounted travel and breakdown cover on Post Office bookings, while the Control Account targets low income customers who will pay a £5 monthly fee but not be charged extra on direct debits or standing orders which are returned unpaid.